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They focus on short-term needs and tend to stick with lower-risk investments, according to a recent report by Sameer Aurora, head of client strategy for UBS Wealth Management Americas. "Even though they have a longer investment window, millennials hold almost twice as much cash in their portfolios as baby boomers".

Unlike boomers, millennials have bucked many traditional investing principles, such as "buy and hold" and following a financial plan. Among those who have retirement accounts, one-quarter have already dipped into them, according to UBS' report.